Bayshore Asset Management Inc.
TSX : BIF.UN

April 09, 2007 14:51 ET

Bayshore Floating Rate Senior Loan Fund Announces Normal Course Issuer bid

TORONTO, ONTARIO--(CCNMatthews - April 9, 2007) - Bayshore Floating Rate Senior Loan Fund (TSX:BIF.UN) (the "Trust") announced today that the Toronto Stock Exchange has accepted the Trust's Notice of Intention to make a normal course issuer bid. The Trust will have the right to purchase under the bid up to a maximum of 686,734 units (representing approximately 10% of the Trust's public float) commencing March 26, 2007. As at March 23, 2007 there were 6,917,299 units of the Trust issued and outstanding. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of March 25, 2008, the termination of the bid by the Trust or the Trust purchasing the maximum number of units permitted under the bid. Units purchased by the Trust pursuant to the issuer bid will be cancelled.

The Trust purchased 147,250 Units pursuant to a normal course issuer bid that was in effect during the period commencing on January 24, 2006 and ending on January 23, 2007. The average price per Unit paid by the Trust was $8.87 per Unit and the total consideration paid by the Trust for such Units was $1,331,492.

Management and directors of the trustee and manager of the Trust, Bayshore Asset Management Inc., believe that units of the Trust may become available during the proposed purchase period at prices which would make such purchases in the best interests of the Trust and its unitholders.

Contact Information